India, Pakistan Central Banks Clamp Down on Crypto-Currencies

India’s central bank barred banks on Friday from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto-currencies on local exchanges.

Pakistan’s central bank said in a separate statement late on Friday that crypto-currencies were not legal in the country.

The State Bank of Pakistan told banks and other financial services providers to refuse customers seeking crypto-currency transactions.

India’s government and the Reserve Bank of India (RBI) have previously cautioned the public over crypto-currencies, with New Delhi vowing earlier this year to eliminate the use of digital currency, which it considers illegal.

The price of bitcoin plummeted to a low of 350,000 rupees ($5,392) versus its international market price of $6,617, following the RBI announcement, crypto-currency exchange Coinome said.